Hyderabad-based pharmaceutical company Dr Reddy’s Laboratories (DRL) will be focusing on the biosimilars segment to boost its growth in the future.
“Our biosimilars play is a major investment for the future. These products give us the opportunity to provide affordable and innovative medicines to patients across the globe. It is clear that any significant pharmaceutical player will need strong biologics development, manufacturing and commercialization capabilities,” DRL chairman and chief executive officer GV Prasad said in his letter to shareholders.
The company in its annual report 2013 said that it has already produced four biosimilars – rituximab called Reditux, filgrastim called Grafeel, darbepoetin alpha called Cresp and peg-filgrastim called Peg-Grafeel.
The company had even entered into an alliance with Merck Serono, a division of Merck KGaA, Darmstadt, Germany in June 2012 to strengthen its biosimilars segment. “The partnership is to co-develop and globally commercialize a portfolio of biosimilar compounds in oncology, primarily focused on monoclonal antibodies (MAbs),” DRL said in its annual report 2013
According to Pharmaceuticals Export Promotion Council of India (Pharmexcil) director general PV Appaji, the $500 million global biosimilars market is set to explode and India is poised to capture 20% to 25% of the market pie in the next five years. India currently holds 3% of the market and the front runners in this category are China and South Korea. Biosimilars also known as follow-on biologics are the subsequent versions of innovator biopharmaceutical products whose patents have expired.
Source: The Times of India